China's domestic stainless steel market has mostly moved on a stable trend in the past week, though with some slight downticks also observed, while overall demand has been low.
During the past week, global nickel prices first moved up but then started to move back down, with prices now a little lower than one week ago. On November 4, the three-month nickel price at the London Metal Exchange (LME) closed at $15,270/mt, while LME nickel inventory on the same date totaled 385,860mt.
Although remaining mainly stable, domestic stainless steel prices have indicated minor decreases for certain products. Reduced output volumes have been seen from steel mills in central China due to environmental measures, but demand has also been slack and so prices in the region have indicated sideways movement. Meanwhile, inventory levels in the domestic market are on the low side. It is thought that the domestic stainless steel market will continue its stable movement in the coming week.
Slow demand and low inventory in local Chinese stainless steel market
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